TP ICAP PLC (LON:TCAP) today announced the results of the 2 for 5 rights issue of 225,334,552 New Ordinary Shares at 140.0p per New Ordinary Share.

Let’s recall that the rights issue was announced in January 2021. Back then, TP ICAP said it intended to raise proceeds of approximately £315 million, to be used to fund the acquisition of Liquidnet.

The rights issue closed for acceptances at 11:00am on February 16, 2021. TP ICAP has received valid acceptances in respect of 221,469,835 New Ordinary Shares, representing approximately 98.3 per cent of the total number of New Ordinary Shares to be issued pursuant to the fully underwritten Rights Issue.

It is expected that the New Ordinary Shares in uncertificated form will be credited to CREST accounts by no later than today and that definitive share certificates in respect of New Ordinary Shares held in certificated form will be dispatched by no later than 2 March 2021.

It is expected that the New Ordinary Shares will commence trading, fully paid, on the London Stock Exchange plc’s main market for listed securities at 08:00am today.

The net proceeds from the placing of such New Ordinary Shares (after the deduction of the Rights Issue Price of 140 pence per New Ordinary Share and the expenses of procuring subscribers, including any applicable brokerage commissions and VAT which are not recoverable) will be paid (without interest) to those Shareholders whose rights have lapsed in accordance with the terms of the Rights Issue, pro rata to their lapsed provisional allotments, save that individual amounts of less than £5.00 will not be paid to such persons but will be aggregated and will accrue for the benefit of the company.